24 July 2009
Media Statement

Nelson artist urged to get involved in bank inquiry

The Labour list MP in Nelson Maryan Street is urging local artist Roger Griffiths to make a submission to the independent inquiry into banking, after his frustrating experiences with Westpac resulted in him withdrawing $190,000 in life savings.

The Mapua artist made his point by requesting his savings be paid out in small denomination bills, after his 25 year banking relationship with Westpac came to an end when he was declined an $80,000 mortgage.

“Roger Griffiths has expressed his frustration with his bank in a dramatic way, citing his disappointment at a lack of reciprocal loyalty and support from the institution, and a desire to make a stand on behalf of regular customers. Sadly, his story is one of many we are hearing from individuals, businesses, and economists who are reporting less than satisfactory behaviour from some major trading banks,” Maryan Street said.

“As Labour spokesperson on Trade I am also hearing many reports from exporters and the productive sector about their frustrations with banking institutions.

“A cross-party group of MPs from Labour, the Greens, and the Progressive Party has established an independent inquiry into banking, after an earlier attempt to set up a formal inquiry by a Parliamentary Select Committee was blocked by Government MPs.

“The independent inquiry reflects the concerns expressed by the Governor of the Reserve Bank at the way the banking sector is responding to the current recession. It also follows a report in May from Parliament’s cross-party Finance and Expenditure Select Committee, which expressed surprise that bank profits had “declined only marginally” in the past year and called on banks to play a greater role in sharing the burden of the recession.

“I would urge people like Mr Griffiths to tell their stories to the independent inquiry,” Maryan Street said.

Submissions can be made online at the website www.bankinquiry.org.nz <http://www.bankinquiry.org.nz/>

ENDS

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